Save Your Money by Steering Away from Impulsive Buys

From time to time we've all come across this, we see something in a store or online and we feel like we need to have it. Often shortly after we end up with buyers remorse and even worse, a lighter wallet. If you have ever done this, don't worry - you are not alone, several others including myself have been known to do this.

After years of bad decisions like this, I eventually found a way to cut back and stop! Just follow these easy steps and you will see your impulse buying cut back and your wallet will thank you!

Set a buffer time prior to buying

Set a rule for yourself that prior to any purchase you need to wait AT LEAST 48 hours prior to buying. When you get that feeling that you want or absolutely need something, assuming there is no immediate emergency (eg. If you're bathroom is leaking, go out and buy what you need to stop the leak) prior to making any purchase you must wait that 48 hours. At the end of the 48 hours, ask yourself if you still feel the same need/want to purchase the item? Think in 2 weeks from now, how would you feel about the item? How about in 3 months? 1 year?

Review your Finances

I know whenever I need a wake-up call I review my month review of my finances, this reminds me how far on (or off) track I am with my financial goals of eliminated debt, saving, contributing to RRSP's, contributing to RESP's, etc. This should be a quick reminder if you really need or want the item.

What are you you willing to Sacrifice for this item?

If you think about it, most of us have a fixed income, and hopefully a fixed budget. If I spend $20 on a new toy, that means that $20 cannot go to something else like groceries, savings, RRSPs, etc. When you compare what you want to buy with what you could be spending the money on, is it still worth it?

What does your significant other think?

If you don't have a significant other, ask a friend or family member what they think. Do you feel your optimism for the item? Can you talk them into buying it?

Assuming that you get by all of the above tests, it sounds like you've made your decision. But it doesn't stop there! Now that you have decided to buy, you need to put the proper work in to make sure you get it for the best possible price! Follow these tips below to find the best possible price on the items that you need to buy!

Can you get this item used? If so, look at ebay, kijiji, craigslist, etc to see what prices they are selling at used

Look in all your weekly flyers and previous flyers if possible, you want to find out if this item is on sale or has ever gone on sale

Look online for the item, these days many online stores offer free shipping and their prices are often cheaper than Brick and Mortar stores.

Coupons! Look online to see if you can find coupons for the item, no matter what it is, at least look!

Ask friends and family if they know where to find what you are looking for, sometimes you might find someone who knows someone that works at a store that can get you 10% off

Remember, stay impulsive buying free and it makes it so much easier to plan and save! Your wallet will thank you!